Cirsa Enterprises (CIRSA) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked the 71st consecutive quarter of growth, with net revenues of €623 million (+8% year-on-year, +9.5% ex-FX) and EBITDA of €194 million (+8.5% year-on-year, +10.8% ex-FX).

• Adjusted net profit rose 33% to €70 million, driven by EBITDA growth and financial savings.

• Net profit surged 58.9% to €44.6 million, supported by higher operating profit and reduced financial expenses.

• Both retail and online segments contributed to strong performance, with retail as the main cash generator and online as the fastest-growing segment.

• The company remains on track to meet or exceed its high-end 2026 guidance.

Financial highlights

• Net revenues reached €623 million, up 8% year-on-year; EBITDA at €194 million, up 8.5% year-on-year.

• EBITDA margin sustained above 31%, with Slots Spain exceeding 50%.

• Free operating cash flow reported at €61 million, temporarily impacted by a one-off working capital effect; underlying recurring cash flow stable at €100 million.

• Financial expenses reduced by 34% in the quarter, with annual savings exceeding €60 million.

• €75 million in dividends paid in May.

Outlook and guidance

• Q2 2026 is showing similar positive trends as Q1, supporting a stable growth profile.

• On track to meet or exceed high-end 2026 guidance: net revenues €2,500–2,560m (+7–9.5%), EBITDA €800–820m (+6–9%).

• Further M&A activity expected to drive additional EBITDA growth above 10% annually.

• Online margins expected to recover post-Peru tax impact, targeting 20–25% mid-term.

• FY 2026 CAPEX expected within 7%-9% of net operating revenues.